I started recording my mood every time I feel like going for “re-staking / sharing security”: whether it’s because the logic feels tight and I’m willing to wait a bit longer, or if it’s simply because that line “the returns can still be stacked” gets me. After recording a few times, I realized that in many cases, what’s being stacked isn’t returns at all—it’s an illusion: treating a pile of related correlations as security, and taking “everyone else is using it” as risk control.

Recently, around the upgrade of that mainstream public chain, the group has been speculating about whether the ecosystem will migrate, but I actually want to take it slow and watch: whether it migrates is one thing; whether the security model has changed, and whose consensus it depends on, is another. Anyway, what I care about more now is whether, if something goes wrong, I can explain clearly why I ended up losing money—rather than just saying, “it looked pretty stable at the time”… For now, that’s it. Take it slow.